Forex trading news and economic data headlines 9 May 2017


  • Fitch expects world GDP to grow by 2.9% in 2017 vs 2.5% in 2016
  • Germany's BaFin head welcomes Chinese and foreign investment
  • USD in demand as European desks open
  • The buck is looking awfully strong today
  • Yen selling prevails and sends USDJPY through 113.50
  • It's 10.30 break time!!
  • Here's the budget you've all been waiting for
  • More on the Goldman Sachs commodities story:"rally might be different this time"
  • Fitch expecting Chinese steel production to remain stable in 2017
  • Japan's Kuroda says economies must overcome self-interest to co-operate
  • Tsipras: We are closer than ever to a solution on further debt relief
  • When disgruntled shareholders fight back: Qantas CEO gets pied
  • France March budget balance YTD EUR -29.6bln vs -21.5bln prev
  • PBOC will pay close attention to the impact on financial stability from non-bank financial institutions
  • Forex option expiries for the 10am New York cut 9 May
  • Nikkei 225 closes down -0.26% at 19,843.00


  • Germany March industrial production mm SA -0.4% vs -0.7% exp
  • Germany March trade balance EUR +25.4bln vs +21.5bln exp
  • April 2017 US NFIB business optimism index 104.5 vs 104.0 exp
  • Italy March retail sales mm SA 0.0% vs -0.2% prev
  • Switzerland April unemployment rate 3.3% as expected

It's been all about the yen this morning as USDJPY leads the charge in yen pairs and USD demand generally.

A combination of firmer equity markets and focus back on June hike from the US Fed has seen USDJPY extend gains through 113.50 to post 113.77 and lift JPY pairs along the way.

The early demand in those pairs had put a base under core pairs after a decent retreat in Asia followed through into Europe. GBPUSD had broken back down through 1.2950 from 1.2960 to post 1.2930 before bouncing as GBPJPY rallied up through 147.00 to post 147.30 .

Similar price action in other core pairs that, for example, saw EURUSD fall to test 1.0900 before finding EURJPY support and AUDUSD continue its move lower to 0.7434 before AUDJPY demand saw it back above 0.7400.

However it was soon the USD demand prevailed as USDJPY and USDCHF both continued to rise, posting 113.86 and 1.0032 so far, and that was the signal for EURUSD to fall to 1.0886, GBPUSD to 1.2914, AUDUSD to 0.7330. USDCAD found support at 1.3670 after a fall from 1.3710 and has been back up to 1.3700 before falling again.

European equity markets have all firmed to a lesser or greater degree with the DAX +0.7% leading the way. Oil prices have rallied and fallen back to earlier levels for zero net impact.

US JOLTS jobs is the data risk at 12.30 GMT plus US Fed heads George, Rosengren and Kaplan to the mic at various points after that.